The global e-learning market is estimated to grow and reach worth $325 billion by 2025. And if we consider the corporate e-learning growth in this, it could scale up to $38.09 billion between the years 2020 to 2024.
These numbers could even get higher with the enhanced scope and importance of e-learning amidst the Coronavirus pandemic. Due to nationwide lockdowns and the need for social distancing, setting up online classrooms for continued learning was the only feasible option. Moreover, due to remote working, corporates too had to come up with different ways for skill development of their employees and staff and setting up learning management systems looked like a good option.
So, even though the e-learning market being 22years old and moving on with steady growth, it took an exceptional scale amidst this pandemic situation.
Statistics reveal that 43% of the college students find e-learning more effective and 49% of students say to have taken online courses for skill development in the last 12months, and a lot of that during the lockdown periods.
Even those in jobs and wanting to develop their skills to add up to their resumes highly look up to e-learning courses, training, and certifications.
If we talk about the corporate benefits through e-learning, 72% of the organizations believe to have achieved competitive advantage with the application of Learning Management Systems and e-learning solutions, and 42% accept to have achieved higher revenues.
The benefits as regards employee performance, retention, productivity can also not be ignored with the use of e-learning solutions.
The following infographic depicts how the use of e-learning has benefitted the corporates as regards enhancing their employee retention rates, productivity and profit margins, revenues, and return on investment.
E-learning increases employee retention rate by 25-60%.
E-learning programs lead to 218% higher revenue per employee.
E-learning programs for employees wherein the corporates spend $1500 per employee per month increases profit margins by 24%.
For every $1 spent on e-learning solutions, corporates can expect to get $30 as return on investment as a result of boosted employee productivity.
So, the infographic makes it very obvious that e-learning solutions and learning management systems can bring high scalability and profits to your business.
However, bringing that scalability to your e-learning business is not a breeze or a walk in the park at all. With its scope, the industry is competitive as well. You need to go the extra mile and come with the perfect planning and infrastructure to make sure that you are making the desired growth with your e-learning solutions.
In fact, in research, 10% of the organizations believed Inability to Scale as one of the major challenges facing e-learning businesses and solutions.
So, the question is, how can you work out the e-learning solutions in your favor. How can you scale your e-learning business to keep up with the growth prospects?
Here are some strategies that you could be used for achieving scalability in your e-commerce business and keeping your position high in the e-commerce market.
Know Your Current Position and Performance
The first step in reaching where you want to be is to have an idea of where you presently are. Without an idea of the effectiveness of your e-learning solutions, it shall be impossible for you to mark your progress and achieve scalability. Moreover, the stats may prove out to be just some numbers for you in case you are not able to track the performance and productivity, for you shall never know how your solutions are doing.
Fortunately, with LMS you get detailed reporting and analytics functionalities which make it easier for you to track your e-learning performance and progress, mark stress points and improvement areas, and work upon them.
You need to ask yourself questions:
What data do I need to scale?
Are the current data set and content enough for the users?
Do I need to provide them something more?
Can mobile-learning help in bringing better performance and scalability?
How would you accommodate a wider range of learners and meet their expectations?
Asking all such questions can go a long way in helping you know your current positioning and working on improving and scaling the same.
Invest In Open Source Learning Management Systems
Most of the time the ability to scale e-learning business is hindered due to the limitations of proprietary LMS. They are rigid and cannot meet growing business requirements. They will eventually become slow, lack required features, and cause compatibility issues.
Open Source Learning Management Systems come as an easy solution for it. The source code is freely available for changes, customizations, and modifications. So, you have limitless flexibility in adding up to the features and functionalities of an LMS when it is run through an open-source software or platform.
LearnDash is a good solution for the development of such open-source LMS. It is a WordPress plugin and offers vast features and functionalities for the creation of fully customized Learning Management Systems with all necessary third-party integrations, responsive themes, and designs, extensions and plugins, augmented and virtual reality, and a lot more.
With such a Learning Management System in place in your organization, you are sure to scale your e-learning business and achieve amazing growth prospects with it.
Capitalize on the Learning Management System Further
Once you are set with the Learning Management System and achieving growth and productivity with it, it is important to capitalize it further for expansion. Don’t keep it limited to just some learning solutions and courses available online. Integrate an e-commerce store in it through which you can provide more resources.
You can convert your online courses into tutorials and study material and put them up on an e-commerce store for sale. This will serve as a good way to capitalize further. When doing this, make sure to keep the e-commerce store feature-rich and functional so that the users find it easy to purchase your courses and content.
Capitalizing through e-commerce stores will also bring you higher in the sales funnel thereby increasing the possibility of generating leads and converting them to sales into achieving growth, profitability, and scalability.
A place for big ideas.
Reimagine organizational performance while delivering a delightful experience through optimized operations.
Leverage Your Key Performance Indicators
Internal support is extremely important to achieve scalability in your e-learning business. The best way to get this internal support is by leveraging your key performance indicators. Some metrics and stats will always be better than the others. Keep a close look at those metrics. For instance, a particular course could be doing better and selling higher than the other. The learner progress is also useful and important data and stat to measure your growth.
You need to keep a close watch on all these KPIs and leverage them to your advantage by bringing improvements, enhancements, higher efficiencies, and scalability in them for the overall growth and scalability of your e-learning business.
The bottom line is e-learning is a growing market and has amazing growth prospects. But the industry is highly competitive and you constantly need to work on your e-learning solutions and Learning Management System to achieve benefits, growth, productivity, and scalability from them.
So, what are you waiting for? You know the strategies to achieve scalability now. Apply them and get the growth, scalability, and success you seek to achieve through e-learning business and solutions.